---
title: "[True Insight Hong Kong Market Experts] Strong Performance in Innovative Drug Sector, Consider Innovent Biologics (01801.HK)"
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/31775989.md"
description: "Hang Seng Index (800000.HK)$Hang Seng Index(00HSI.HK) remained strong last week, holding above the 24,000-point mark. Among them, certain sectors were particularly hot, such as the brokerage sector, where many stocks rose by double-digit percentages throughout the week. On the other hand, pharmaceutical stocks also performed quite well, with many of the pharmaceutical stocks previously introduced in this column continuing to report gains..."
datetime: "2025-07-14T15:01:18.000Z"
locales:
  - [en](https://longbridge.com/en/topics/31775989.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/31775989.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/31775989.md)
author: "[真灼财经](https://longbridge.com/zh-CN/profiles/1067948.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/31775989.md) | [繁體中文](https://longbridge.com/zh-HK/topics/31775989.md)


# [True Insight Hong Kong Market Experts] Strong Performance in Innovative Drug Sector, Consider Innovent Biologics (01801.HK)

Hang Seng Index (800000.HK)$Hang Seng Index(00HSI.HK) remained strong last week, holding above the 24,000-point level. Certain sectors were particularly hot, such as the brokerage sector, where many stocks rose by double-digit percentages throughout the week. On the other hand, pharmaceutical stocks also performed well, with many stocks previously introduced in this column continuing to report gains, such as WuXi Biologics (02269.HK)$WUXI BIO(02269.HK), WuXi XDC (02268.HK)$WUXI XDC(02268.HK), Akeso (09926.HK)$AKESO(09926.HK), InnoCare (09969.HK)$INNOCARE(09969.HK), and Hansoh Pharma (03692.HK)$HANSOH PHARMA(03692.HK).

On the news front, the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List, along with the Commercial Health Insurance Innovative Drug List, officially began adjustments. This year, the newly added Commercial Health Insurance Innovative Drug List primarily focuses on drugs with high innovation, significant clinical value, and notable patient benefits that are temporarily unable to be included in the basic list due to exceeding the basic coverage scope. This addition is expected to better meet the diversified needs of patients and support the better development of innovative drugs.

In addition to support from medical insurance, the strong rise in the innovative drug sector this year can be attributed to the wave of globalization represented by "outbound licensing" for Chinese innovative drugs. In fact, in the first half of 2025, the Chinese biotech sector has already recorded a gain of over 70%, far outperforming the Hang Seng Index and the Hang Seng Tech Index.

According to Goldman Sachs data, as of the first half of 2025, China contributed 50% of the world's new drug molecules entering clinical trials and holds about one-third of the global innovative drug pipeline. This share has grown significantly compared to the single-digit percentage a decade ago. Especially in new drug forms such as ADC (antibody-drug conjugates) and BsAb (bispecific antibodies), China has become one of the most important global sources of innovation. It is expected that the first wave of global Phase III data for ADC assets originating from China will be released starting from mid-2026.

In the first half of 2025 alone, the total value of outbound deals by Chinese pharmaceutical companies reached $48 billion, accounting for 32% of global drug licensing transactions. Although the global standing of Chinese pharmaceutical companies has significantly improved, the overall market capitalization of Chinese biotech companies is still only 14%-15% of their U.S. counterparts. This suggests that the upward trend in biotech may still be in its early stages, with the potential to continue releasing long-term value.

In addition to the pharmaceutical stocks previously mentioned by the author, other pharmaceutical companies aligned with the theme of innovative drug globalization are worth noting. Innovent Biologics (01801.HK)$INNOVENT BIO(01801.HK) is one such example.

Recently, Innovent Biologics announced on June 26 the completion of a share placement raising approximately $550 million, issuing 55 million new shares at a price of HK$78.36 per share.

This share placement offers several insights. First, many innovative drug companies frequently need to raise capital through share placements before achieving profitability, leading to concerns among investors about dilution and downward pressure on stock prices. However, since Innovent Biologics has already completed this placement, such concerns can be temporarily alleviated. Moreover, the fact that Innovent's stock price rose instead of falling after the placement indicates strong market confidence in its prospects.

Second, this high-value share placement is the largest new share issuance in Hong Kong's healthcare sector in nearly four years, demonstrating Innovent's strong pricing power and securing significant development funding.

Third, regarding this placement, Innovent stated that approximately 90% of the proceeds will be used to advance its robust global clinical and preclinical innovative pipeline, as well as for the company's global facility layout. Clearly, Innovent is targeting the global market, determined to ride the wave of globalization for Chinese innovative drugs.

On another note, Innovent's weight-loss drug Mazdutide has been approved for market launch, becoming the world's first and only GCG/GLP-1 dual-receptor agonist weight-loss drug.

Mazdutide is considered by many institutions to be a potential blockbuster, with peak sales expected to exceed RMB 5 billion. The reason is that chronic metabolic diseases, including diabetes and obesity, affect a large patient population, making this a fertile ground for blockbuster drugs like semaglutide and tirzepatide.

In the weight-loss sector, China has approximately 500 million overweight or obese adults, ranking first globally, which also provides Mazdutide with significant growth potential. According to early clinical study results, Mazdutide 16mg achieved a 21% weight loss over 20 weeks, the most significant weight reduction efficacy observed in any six-month period to date.

In addition to the approval of Mazdutide, Innovent is also implementing a "dual upgrade" strategy in next-generation immunotherapy (IO) and next-generation antibody-drug conjugates (ADC). Among these, IBI363 has the potential to become Innovent's next blockbuster drug as a next-generation IO cornerstone, currently undergoing Phase Ib trials for pan-cancer types (liver cancer, gastric cancer, ovarian cancer). Meanwhile, IBI343 is the most advanced product in the next-generation ADC pipeline, already in Phase III and the first ADC drug to demonstrate good efficacy and safety in treating advanced pancreatic cancer.

In summary, the valuation reassessment of Chinese pharmaceutical companies driven by the wave of Chinese innovative drugs is just beginning. The approval of Innovent's Mazdutide and its $550 million financing inject significant momentum for future development, while its next-generation "IO+ADC" strategy holds long-term growth potential. Friends interested in investing in Chinese innovative drugs may want to pay more attention to Innovent Biologics and other pharmaceutical stocks previously mentioned by the author.

Disclaimer

The above is purely personal research sharing and does not represent the stance of any third-party institution. This commentary should not be construed as an offer, solicitation, invitation, or recommendation to buy or sell any investment product or make any investment decision, nor should it be interpreted as professional advice. Readers should fully understand the risks and related legal, tax, and accounting implications before making any investment decisions and determine whether the investment suits their financial situation and investment objectives. Seek appropriate professional advice if necessary. The author or related parties do not hold any financial interests in the listed entities discussed in this commentary.

Author: Li Jiacong

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- [Hang Seng Index (00HSI.HK)](https://longbridge.com/zh-CN/quote/00HSI.HK.md)
- [WUXI BIO (02269.HK)](https://longbridge.com/zh-CN/quote/02269.HK.md)
- [WuXi Biologics (WXXWY.US)](https://longbridge.com/zh-CN/quote/WXXWY.US.md)
- [WUXI XDC (02268.HK)](https://longbridge.com/zh-CN/quote/02268.HK.md)
- [AKESO (09926.HK)](https://longbridge.com/zh-CN/quote/09926.HK.md)
- [INNOCARE (09969.HK)](https://longbridge.com/zh-CN/quote/09969.HK.md)
- [InnoCare Pharma (688428.CN)](https://longbridge.com/zh-CN/quote/688428.CN.md)
- [HANSOH PHARMA (03692.HK)](https://longbridge.com/zh-CN/quote/03692.HK.md)